The Kingdom of Saudi Arabia (KSA) and Pakistan have enhanced the scope of their partnership to $2.8 billion with another seven Memorandum of Understandings (MoUs) added to the previous 27 MoUs signed earlier this month.
This development was announced by the Minister for Investment of the KSA, Sheikh Khalid Bin Abdul Aziz Al Faleh on Wednesday.
“I would like to announce that the number of MoUs has increased to 34,” the Saudi minister said.
Al-Faleh was joined by Prime Minister Shehbaz Sharif and Advisor at the Saudi Royal Court Mohammad Bin Mazyad Al-Tuwaijri in Riyadh.
“More importantly the value of those agreements has also increased to $2.8 billion,” he said, reflecting an additional investment of $600 million to Pakistan.
However, the Saudi minister said the exact valuation is yet to be ascertained.
Earlier in October 2024, a Saudi investment delegation led by Al-Faleh visited Pakistan, signing 27 MoUs and agreements worth $2.2 billion.
Al Faleh noted that of the 27 MoUs concluded earlier, work has already begun on five of them.
“These five agreements will be announced in terms of their operations by the companies themselves, but they cover important sectors like healthcare and energy,” he said.
Al-Faleh informed that Saudi investors have already acquired land and assets to construct an integrated medical complex in Pakistan.
As per a statement released by the Prime Minister’s Office (PMO) on Thursday, in a meeting earlier, Prime Minister Shehbaz Sharif and Saudi Investment Minister Khalid bin Abdulaziz Al-Falih and Advisor at the Saudi Royal Court Mohammad Bin Mazyad Al-Tuwaijri, reviewed the progress made on various economic initiatives between the two countries.
‘Investment talks’: high-level Saudi business delegation lands in Pakistan
Recalling the Saudi minister’s recent visit to Pakistan, the prime minister noted that the B2B MoUs signed in Pakistan during the visit have “started to materialize into solid investment and commercial deals”.
The prime minister encouraged to continue the momentum for creating new opportunities for developing strong economic partnerships.
He underscored the need to benefit from the tremendous economic opportunities for both countries that have emerged in the backdrop of Saudi Arabia’s Vision 2030.
Prime Minister Shehbaz is on a two-day visit to Saudi Arabia to lead Pakistan’s delegation to the 8th edition of Future Investment Initiative in Riyadh on 29-30 October 2024.
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